OfflineI am writting up a business plan and going to take a shot at it. But the question is: Has anyone applied for Hard Money Loan without a job and bad credit? I have read that there are plenty that dont mind bad credit but what about no income coming in? Looking to start up a Small Business dealing with reos
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"This is only the beginning"
go to google and type in private money lenders and you'll come up with alot of different companys or private investor websites.alot of these websites will tell you who can qualify and alot of them dont care about your credit,job,or financial situation as long as you describe how your going to get your deal done.if anyone from california reads this and is looking for a hard money loan for flipping a house check out www.thenorrisgroup.com
ANY FOOL CAN CRITICIZE,CONDEMN AND COMPLAIN AND MOST FOOLS DO.
BENJAMIN FRANKLIN
Yes I did buy all my properties with no money and bad credit. That is a lot of the reason it took me 9 months to get started and find something that would work.
Randy
www.adeptpropertiesllc.com
Randy,
I read that you used your exisiting loan with VA? did you mean the loan on the house you live in?
"This is only the beginning"
I am so excited and so happy I can come here and talk with such great,nice and inspirational.
Thanks guys,
Justin
"This is only the beginning"
I have bought most of my homes subject to the existing loan. I am using their credit. The loan stays in their name.
Randy
www.adeptpropertiesllc.com
So your doing a lease to own from the owners then leasing them again? Is that right?
"This is only the beginning"
zero down with 20 deals since last June. I need to talk to you and learn how to do what you did, can you call me at 1-866-466-3501 , my office number is 941-554-4912. or my home number at 941-923-1409
please call or write to me at pbrani87@****
thanks
Paul Brani
I've been reading web sites of a few lenders and it looks to be fairly simple to get funding as long as you have a good plan.
"This is only the beginning"
the hard money lenders i found required 35-40% down. i was 20k short of doing my ist rehab and flip deal & then my broker told me he was nervous because the resale market had slowed. if that happens and the resale price gets lowered you can wind up with little or no profit. i put that plan on the back burner for now.
andrew from ca.
I found that its easy to get the loan. I did not have to put any of my own money down but they want to be in first position on the loan. That did not work for me on the house I am closing but I will be working with them in the future and I will have a better understanding of how to make it all work.
They are use to working with people with little or no credit and they do not care about job stats as long as you can show them how you are going to pay them back. I wrote a 5 page letter with my app showing all the stats and how I was planning to pay it all back. I was able to show them that I had the money coming in and that I was only interested in a very short term {1 year} loan.
You have to really do your homework and talk to several of them. I found some were easier to work with than others and I had to weed through the "dream stealer" ones.
Good luck and keep on truckin!
Michelle~
If you do not believe in yourself then who else will???